AquaCell Files Form 10 Registration for Proposed Spin-Off of Aquacell Water Subsidiary
AquaCell Technologies, Inc. has filed a Form 10 Registration Statement with the Securities and Exchange Commission (SEC) on behalf of its Aquacell Water, Inc. subsidiary, to allow it to become a publicly traded company. AquaCell Technologies has two operating subsidiaries, Aquacell Water, which markets and manufactures various water filtration and purification products for municipal, industrial and commercial use, and AquaCell Media, which sells advertising on its patented self-filling water coolers installed in retail locations.
The company anticipates setting a record date for the distribution of Aquacell Water's stock near the end of the SEC review process. Record holders as of the payment date will receive one share of common stock in Aquacell Water, Inc. for every share of common stock held in AquaCell Technologies, Inc.
Mr. James C. Witham, CEO of AquaCell Technologies, Inc., said, "We believe that a separation of the Aquacell Water subsidiary would provide both companies with the opportunity to focus exclusively on their respective businesses and their unique opportunities, as well as enable each company to enhance its strategic, financial and operational flexibility." Witham continued, "We anticipate hiring additional key personnel in Aquacell Water to augment its penetration into the rapidly expanding water industry."